World's outsourcing surge above $300 Billion

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World's outsourcing surge above $300 Billion
Bangalore: The doldrums of the economy could not have a severe impact on the outsourcing market, which surged above $300 billion to touch $373 billion. A report by Canada-based research firm XMG Global reveals that global outsourcing market is growing by 14.4 percent this year. India is the top revenue generator in the global outsourcing market with revenue worth $48 billion.

According to Vincent Altez, Senior Analyst at XMG, India will account for 44.8 percent of the global market, while China will hold 25.9 percent. China seconds the list and generated revenue worth $28 billion. XMG named the Philippines as the third-best performing destination, growing at an estimated 21.7 percent to register $7.3 billion in revenues by year-end. India's market share is expected to remain similar due to accounting adjustments following Satyam's financial scandal and demand moving to other offshore countries.

Altez says that global market's overall growth will slide from last year's 19 percent but the 14.4 percent growth is seen as positive due to recession. According to XMG, several factors will impact the industry's market value and "dynamics of global sourcing" in 2010. These factors include the economic recovery of Europe and the United States, which will create business process outsourcing (BPO) demand over IT services, as well as the continuing agility and commitment of governments in China and Vietnam to attract foreign investors and improve infrastructures.

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